Manulife Life Insurance Review (2024 Update)


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Our rating for Manulife insurance review: ★★★★☆ (4.0)

The bottom line about Manulife life insurance coverage

Manulife prices are in line with the rest of the market, although they do price more competitively for people in excellent health.  They have faster than average times to get the policy underwritten and approved.  Manulife also offers e-delivery and online servicing options, making them a good choice for people who hate paper forms and customer service calls. Overall, they offer some of the best term life insurance policies in Canada and their coverage is likely to suffice for your needs.

Looking to compare life insurance providers? Read more Canadian life insurance company reviews.

Company Facts About Manulife Canada

Customer complaints: 1.8 / 5

Based on InsurEye reviews

BBB rating: A+

More on Better Business Bureau Ratings

Pricing Comparison Guide

Manulife term life insurance pricing vs. competitor term life insurance products

Looking for the best value? See how the price of Manulife’s term life insurance stacks up against the prices of products offered by other Canadian term life insurance providers.

Scores are based on PolicyMe’s Term Insurance Price Index, an in-depth analysis of prices for 108 combinations of gender, age, term length, coverage amount, health status, and smoking status.

Company Ranking Average Price Relative to Market
RBC Insurance 1 6% Lower
Canada Life 2 5% Lower
Desjardins 3 2% Lower
BMO Insurance 4 2% Lower
Industrial Alliance 5 1% Lower
Manulife 6 Average
SunLife 7 1% Higher
Humania 8 4% Higher
Ivari 9 6% Higher
Assumption Life 10 14% Higher

Manulife Insurance pricing by customer traits

Even if you and your next-door neighbour buy life insurance from the same insurance company, you may not pay the same price. That’s because the insurance price is largely based on your age, policy coverage amount, policy duration, smoking status, and current health status. Some companies are more lenient about specific customer characteristics and provide better pricing than other companies for people with these characteristics.

Here’s a breakdown of how Manulife’s life insurance prices compare to prices offered by other companies for various customer characteristics.

Customer Characteristics Pricing
Low coverage need (under $500,000) Excellent
Large coverage need (over $500,000) Average
Shorter coverage need (10 years) Average
Longer coverage need (20 years) Average
Male Average
Female Average
Under age 40 Average
Over age 40 Average
Exceptional Health Excellent
Smokers Average

Excellent – The company’s prices are more affordable than the rest of the market for customers with these characteristics
Good – The company’s prices are in line with the rest of the market for customers with these characteristics
Poor – The company’s prices are more expensive than the rest of the market for customers with these characteristics

Manulife life insurance product options and features

  • Four coverage choices (Term-10, Term-20, Term-65 and Term-Life)
  • Discount on policy fee when coverage insurers two lives
  • Minimum coverage amount of $100,000

Common features

  • Level premiums– Premiums remain the same for the entire length of your term
  • Guaranteed renewability– When your term insurance policy expires, you can renew  it without undergoing a medical review
  • Convertible– You can convert your term insurance policy into a permanent policy without undergoing a medical review
  • No-obligation review period– Once you receive confirmation that your policy has been issued, you have 30 days to sign a delivery receipt and authorize your payment method

Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

Laura McKay

COO & Co-Founder
About the Author

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